February 13, 2024
In the business world, market adoption is a crucial stage companies must go through to succeed. It’s also where most businesses are currently stuck.
The businesses must focus on how they can win their position in the market.
It is the process of taking everything a business has learned in the previous stages and presenting its offerings in a live format for mainstream adoption.
This guide will discuss why market adoption is critical and the concepts that business owners must understand to succeed.
How do we win our position in the market through mainstream adoption?
That’s the question to answer when you’re doing the work of monetization programming.
Consider your customer’s journey from awareness to consideration to engagement. How do you program out that experience so that at the end of the journey, they recognize the benefit and assign a high enough value to it that you can be profitable?
For the customer to engage and make a purchasing decision, they must clearly see the impact.
In each phase of this journey (awareness, consideration and engagement), you are telling a compelling narrative to help your customer understand and navigate forward.
A compelling narrative engages your audience and encourages them to take action. It is also a controllable action that a business can take to communicate its message effectively. To create a compelling narrative, you need to understand your audience's journey, including the steps they need to take and the criteria they need to meet to move forward.
As your customer moves through the stages of awareness, consideration and engagement, you’re building on your uniquely better position of your offer being relevant, urgent and valid.
Let’s walk through each of these.
In the awareness stage, you must answer your customer’s question about whether or not your offer is relevant. Does it matter to them? Does it capture their attention?
If it does, the customer moves to consideration, and you begin to address the question of budget. What are the line items in their head that our solution is addressing?
A compelling narrative engages your audience and encourages them to take action.
For example, a new minivan not only gets the kids to and from soccer practice but also keeps them safe and provides a large enough elbow room for family vacations or cargo space for the supplies needed in a home project.
Once the customer engages and is ready to make a decision, we are now asking them to invest. Because we’ve built a foundation of relevance and we’ve addressed budget items dealing with time, attention, comfort, safety and more, the cost of their investment will be justified.
When a customer first learns about your offer, it needs to not only matter, but matter to them now. This is a question of urgency.
As they begin to consider the offer, you must demonstrate that solving the problem is a high priority when placed alongside all the other things competing for their time, attention and resources.
If the problem is a priority, then it’s time to engage. It deserves the allocation of their resources. But you must take care at this stage to clearly describe how this allocation occurs. Is it all at once or spread over time? Is it just money, or does it require my time also?
Early in the customer’s journey, it is imperative that they encounter elements that inspire confidence that you offer can indeed solve their problems. They want to know if your solution is valid. This is often achieved through case studies or testimonials.
But as they continue into consideration, they want to move beyond just a story of success and see clear success metrics. Possible metrics might include the number of customers served or the total amount customers save.
For the customer to engage and make a purchasing decision, they must clearly see the impact. How is their problem solved, and what is the resulting benefit?
Market adoption where most businesses are currently stuck.
All of these come together as one larger compelling narrative that helps guide the customer to find a solution to their problem.
Your content and campaigns should leverage this narrative to guide the customers along all the steps in their journey. It is central to your marketing collateral so that every customer can quickly understand what you offer and why they need it.
The final element in the adoption stage is the 1st economic milestone.
It is calculated by combining the following.
Defining this goal gives you a clear picture of your business’s maturity. This calculation helps you set a realistic revenue and profit target for your business.
Hitting this milestone means you have won your position in the market and have a solid foundation to build on.
Adoption is a critical stage in your business journey, giving you a foundation for future growth and success. You can be confident that your marketing is effectively moving customers to action.
Remember, success in business doesn't happen overnight, but with persistence and hard work, your business can grow and thrive.
